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Friday
Jan042013

Augusta National Foreclosure Letter Up For Auction

Appropriately, at Green Jacket auctions and this is the first time it's been seen publicly.

You have until January 12th to figure out how to outbid the mystery man whose IP address is strategically based out of a law office in a city other than Augusta, Georgia.

According to this letter, due to the Great Depression, that new entity could not met its obligations. Therefore, even after the 1934 and 1935 Masters Tournaments were held (then-called the Augusta National Invitation Tournament), the Fruitland Manor Corporation went through foreclosure. The land, which now contained the Augusta National golf course, was purchased at the foreclosure sale to ensure the survival of the course and Augusta National Golf Club, and a new entity was formed - The Augusta National, Inc. This letter to the creditors of Augusta National is from Augusta National's attorney. It relays the above-mentioned events, and goes on to give Augusta National's creditors a one-time option (to expire 3 weeks later) to accept Class B stock in The Augusta National, Inc. or to forever relinquish any right as creditor (due to the foreclosure).

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Reader Comments (6)

Otherwise known as, thank you Dr Mackenzie. We appreciate your work, but on your death bed,
you will achieve total consciousness.
01.4.2013 | Unregistered CommenterPat Burke
I think this document has uncovered the roots of the club's stubborn stance to remain all make for so long. At the bottom of page 1 is this:

"The Committee made settlements with local women investors who held eleven of the outstanding bonds and who were unwilling to assent to a plan for the future operation of the property, but these women gave up and cancelled all of their claims for their unpaid interest."

Hmmm.
01.5.2013 | Unregistered CommenterFWIW
I meant "all male" of course.
01.5.2013 | Unregistered CommenterFWIW
Today is Jan 5th and I believe a local record has been achieved.....any guesses on what I'm referring to?
01.5.2013 | Unregistered CommenterDTF
Pat B, you win one (1) Internet of your choice for that comment!
01.5.2013 | Unregistered CommenterCharlieG
where do I collect? Al Gore's house?
01.6.2013 | Unregistered CommenterPat Burke

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